Gold Mining in Ghana

Ghana is Africa’s second biggest producer of gold. Production rose 12 percent in 2009, with output at the country’s two biggest mines increasing. Ghana’s mines produced 2.9 million ounces in 2009, compared with 2.6 million in 2008.

Ghana’s largest mine is Tarkwa, owned by Gold Fields Ltd. The Tarkwa Gold Mine is located in south-western Ghana, about 300 kilometers west of Accra. The project consists of six open pits, two heap leach facilities, and a CIL plant. Tarkwa has a Mineral Resource of 15.3 million gold ounces and a Mineral Reserve of 9.9 million ounces. During financial 2010 Tarkwa produced 720,700 ounces of gold. For the 12 months to end-June 2011 the outlook for Tarkwa is to produce between 720,000 and 760,000 ounces of gold. Newmont Mining’s Ahafo mine produced 531,470 ounces of gold in 2009, up from 524,000 a year earlier.

Gold Fields also owns the Damang mine, located in south-western Ghana, about 300 kilometers west of Accra. The Damang Gold Mine has a Mineral Resource of 4.7 million gold ounces and a Mineral Reserve of 2.1 million ounces.

AngloGold Ashanti’s Obuasi operation produced 383,000 ounces a year. AngloGold Ashanti expects its Obuasi mine to produce around 400,000 ounces of gold per year by 2012.

AngloGold also owns the Iduapriem mine, which produces an average 190,000 ounces of gold per year.

Bibiani gold mine, owned by Noble Mineral Resources, is located in western Ghana, 250 kilometres north-west of Accra. The open-pit mine, which was commissioned in 1998, is in the Sefwi-Bibiani belt, and contains more than 17 million ounces of gold. The Sefwi-Bibiani belt is the second-most significant gold- bearing belt in Ghana after the Ashanti Belt to the east. Noble Resources plans a $9m drilling programme over the next three years.

Golden Star Resources, who has two operating mines in Ghana, poured its two-millionth ounce of gold from its Bogoso/Pretea and Wassa mines in 2009.

The Bogoso/Pretea project, in which Golden Star has a 90% interest (Ghana government owns the remaining 10%), consists of approximately 85km mining and exploration concessions along the Ashanti rrend in south-west Ghana. Bogoso/Presteas’s forecast for 2010 is production of 200,000 ounces.

The Wassa gold mine (also 90% owned by Golden Star), is located in the southwestern region of Ghana approximately 35 km east of Bogoso/Prestea. In 2009, mining operations at Hwini-Butre commenced and provide even higher grade ore to the Wassa mill.

Keegan Resources has two premier gold assets in Ghana. Keegan's flagship property is the Esaase gold deposit. Updated resource calculations indicate a 2.025 million ounce indicated and 1.451 million ounce inferred resource averaging 1.5 g/t and 1.6 g/t Au respectively. Development studies are currently underway that will enable the project to be brought quickly to production stage. Keegan is also exploring a second project, the Asumura gold property, is located along one of Ghana's largest and most productive gold structures.

Viking Ashanti holds over 440 sq km of ground in three project areas, Akoase, West Star/Blue River and Nchiadi/Nyame Dzikan. The Akoase project, located approximately 125km north-northwest of  Accra, covers a 106km2 area in the northern part of the Ashanti gold belt.

Midland Minerals top priority project is currently the fully permitted Sian/Praso gold project, located just 30 kilometres northeast of Newmont Mining's +8.7 million ounce Akyem gold deposit on the Ashanti Gold Belt. The company also owns the highly prospective Kaniago gold project, located on the Asankrangwa gold belt. The project is contiguous to two past open pit gold producers, Abore to the north and Obotan to the south.

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